SEC Proposes to Delay Accelerated Filing

On August 24, 2004, the U.S. Securities and Exchange Commission (SEC) approved issuance of a release proposing to temporarily postpone, for one year, the final phase-in period for acceleration of periodic report deadlines that apply to larger companies known as "accelerated filers."

Under the proposal, the current deadline for accelerated filers would remain at 75 days for an additional year and at 40 days after quarter end for quarterly reports. The accelerated filing phase-in period would resume for reports filed for fiscal years ending on or after Dec. 15, 2005, when an accelerated filer would have to file its annual report within 60 days after year end and file its quarterly reports within 35 days after quarter end. This would complete the phase-in and these deadlines would remain in place for all subsequent periods.

SEC rules define an "accelerated filer" as a company that

  • has a public float of at least $75 million;
  • has been subject to the SEC's periodic reporting requirements for at least 12 months and has filed one annual report; and
  • is not eligible to use the SEC's small business reporting forms.

Comments on the proposal should be submitted to the Commission within 30 days of the date of its publication in the Federal Register. The full text of the release describing the proposal has been posted on the SEC Web site at http://www.sec.gov/rules/proposed.shtml.

Source: U.S. Securities and Exchange Commission

You may like these other stories...

By Jason Bramwell The board of trustees of the Financial Accounting Foundation (FAF) finalized a new policy on November 19 that provides the Governmental Accounting Standards Board (GASB) with direction on what...
By Jason Bramwell The Governmental Accounting Standards Board (GASB) is now offering a free online toolkit designed to assist preparers and auditors of state and local government pension plans with implementing new...
By Steven Brenner With the news that the Financial Accounting Standards Board (FASB) – in conjunction with the International Accounting Standards Board (IASB) – intends to formally move...

Upcoming CPE Webinars

Apr 22
Is everyone at your organization meeting your client service expectations? Let client service expert, Kristen Rampe, CPA help you establish a reputation of top-tier service in every facet of your firm during this one hour webinar.
Apr 24
In this session Excel expert David Ringstrom, CPA introduces you to a powerful but underutilized macro feature in Excel.
Apr 25
This material focuses on the principles of accounting for non-profit organizations' revenues. It will include discussions of revenue recognition for cash and non-cash contributions as well as other revenues commonly received by non-profit organizations.
Apr 30
During the second session of a four-part series on Individual Leadership, the focus will be on time management- a critical success factor for effective leadership. Each person has 24 hours of time to spend each day; the key is making wise investments and knowing what investments yield the greatest return.